Mastering marketing analytics is key to any business that wants to become a brand.
Today, 73% of customers find user experience to be the most critical factor in making a purchase decision. And to give customers that experience, analytics is your ultimate weapon.
But can a business curate an experience worth remembering without any insight into its customers? The answer is a big NO.
Marketing and customer analytics provide valuable insights into customer behavior.
Let us understand why with these 7 Benefits of Marketing Analytics for Customer Experience.
Marketing analytics is a reflection of customer behavior. If a customer likes what they see—they are more likely to engage. If they don’t, they’ll bounce off.
By analyzing customer data, teams can gain a deeper understanding of customer pain-points and preferences.
For example, enterprise level customers may be more interested in privacy-compliance while material around cost-effective plans may appeal more to smaller teams.
One can further gauge these preferences by testing hypotheses and running A/B tests.
Armed with this information, one aligns their sales and marketing team to create more targeted and effective marketing campaigns for a business, tailored specifically to the targeted customers and enterprises.
This personalisation is the benefits of marketing analytics, hence helping a brand become trustworthy and more valuable.
Let’s understand Churn with an example. If 1000 visitors signed up for your services, but 50 of those stop doing business with you, your business has a Churn rate of 5%.
The churn rate is the percentage of customers who stop doing business.
By analyzing customer data, you can identify the factors that are causing customers to leave. This can be attributed to poor customer support, limited progress in the product road map, cost issues, or better alternatives being available in the market.
Whatever the case, marketing analytics helps pin-point where customers are coming from, and why they're leaving. Additionally, you can use this data to retarget your customers with the right message to regain them.
And because they already know about you, the conversion rate will be much higher and you’ll be able to earn loyal customers with minimum effort.
To do so, your business can identify common pain points—by monitoring customer feedback—and take proactive steps to gain benefits of marketing analytics for customer experience.
For any business, Customer Lifetime Value is one of the most important metrics. CLV is a metric that represents the total net value a customer brings to a business over the duration of their relationship.
And one of the many benefits of marketing analytics is, you can put systems in place that extend your customer loyalty.
One of the best examples of this insight in practice is Amazon Prime.
This loyalty program was started back in 2005 and has been one of the most important parts of the business today.
It has been reported that Prime customers spend $1400 per year on products, whereas non-Prime customers spend just $600 on average.
If a customer is likely to stay with the brand and make higher purchases—they surely are adding a lot more value. Hence helping businesses gain benefits of marketing analytics.
Additionally, since they are sticking with your brand, you don’t have to spend a lot on customer acquisition as well. Less spending and more earning equals better business.
Why do businesses offer discounts? Or create ungated content?
The answer to both these questions—and many more—is to gain customer loyalty.
It is one of the most important brand assets, which in today’s world holds a lot of value. This can be seen with brands like Supreme, Apple, and Coca-Cola.
Each one of such brands has developed a customer loyalty unique to their brand. They have gained benefits of marketing analytics for building brand experience.
It has not just happened on its own. All this has been a clear benefit of marketing analytics. Brands have used the tracked customer data using CRMs tools like ActiveCampaign and ActiveCampaign alternative to create unique experiences.
They use it to create ads, target customers, create UI, write email and form an overall experience for their customers. All that is to ensure, there are no leaks in the funnel.
In this whole list of the benefits of marketing analytics, we have talked about customer experience a lot.
But what will you see in your analytics exactly? You’ll see your customer journey.
You’ll see how a customer learns about your product, comes to your website, goes to the pricing page, and eventually signs up.
But what if you see that many customers who are visiting your pricing page are not signing up?
Your Customers might not send you a message about this, but they clearly are not seeing the right “value for money” proportion.
At this point, what you can try is—to improve your pricing page. This can be done by adding reviews, stats, small case studies, or examples on this page.
You’ll only be able to know how to improve customer journeys by tracking Marketing analytics and understanding what’s holding them back. And this understanding is one the main benefits of marketing analytics for customer experience.
Once all the friction is removed, the journey from social media engagement to sign-up would be much smoother and quicker.
Customer support is a very important part of creating an effective experience for your customers.
It helps users be sure that your business is reliable and will help them solve any problem they might face.
But here’s a thing that you might not know. 86% of customers prefer to solve their problems on their own, rather than contacting customer support.
If you are seeing a lot of “How-to’s” with your product—what your customer needs is a class on how to use your product effectively.
For this, you can use public platforms like Youtube, Vimeo etc. But if you are going to have a different class and session you might need tools like Teachable or Teachable alternatives for your business.
One of the core benefits of marketing analytics will only be uncovered once you start to understand the hurdles your customers are facing, and how to eliminate them.
Referrals are the result of having the best customer experience. If someone is recommending your service or product to someone else, that means they have trust in your brand.
And your business has gained this trust and this customer experience is understanding the benefits of marketing analytics.
Right from the social media post you shared to the pricing page you optimized—Marketing analytics have been your stepping stone.
And if you are not using this data, I am sure your business has a lot more potential than you think.
For any entrepreneur that is looking to grow their business, and become a well-known brand among customers—the benefits of marketing analytics are limitless.
We all are aware of the story when Jeff Besoz updated the Amazon hardware page to make it easy for customers to buy the right screws.
All that was because of feedback he got from the customer. Now for most businesses, a customer might not even know what exactly will help them.
But if you can deliver something that matches their expectation of the experience—you and your business are on the right path of growth.
About the author
Divya is a marketer, nature lover & startup enthusiast. Founder of Unifiedist. She has an immaculate experience in GTM strategy & SEO. She always follows her instinct and travels with her Ikigai.
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